($000) December 31, 2015

ASSETS
Current assets:
     Cash and cash equivalents 79,884
     Accounts receivable, net of allowance of 2,272, 3,997, 4,428, and 8,004 131,518
     Inventories 69,676
     Prepaid expenses and other current assets 10,822
     Deferred income taxes 3,189
       Total current assets 295,089
Long-term investments 4,962
Deferred income taxes 497
Property and equipment, net 23,391
Capitalized product costs, net 33,470
Goodwill 19,549
Other assets 5,260
       Total assets 382,218
 
LIABILITIES AND STOCKHOLDERS' EQUITY 2015
Current liabilities:
    Accounts payable 56,357
    Accrued liabilities 44,596
    Income taxes payable 229
        Total current liabilities 101,182
Long-term deferred income taxes 22,404
Other long-term liabilities 3,820
       Total liabilities 127,406
Stockholders' equity:
Class A common stock, par value $0.0001; 139,500 shares authorized;
       shares issued and outstanding: 36,627 and 35,857 at
       December 31, 2008 and 2007, respectively 4
Class B common stock, par value $0.0001; 40,500 shares authorized;
       shares issued and outstanding: 27,141 and 27,614 at
       December 31, 2008 and 2007, respectively 3
   Treasury stock (185)
   Additional paid-in capital 364,657
   Accumulated other comprehensive income -loss (8,055)
   Accumulated deficit (91,442)
       Total stockholders’ equity 254,812
       Total liabilities and stockholders’ equity 382,218

($000) Year ended December 31, 2015

Net sales 459,059
  Cost of sales 248,851
      Gross profit 210,208
 
Operating expenses:
  Selling, general and administrative 113,113
  Research and development 32,473
  Advertising 49,361
  Depreciation and amortization 7,264
     Total operating expenses 202,211
        Income (Loss) from operations 7,997
 
Other income -expense:
  Interest income 2,508
  Interest expense (349)
  Other, net 2,704
      Total other income -expense 4,863
      Income (Loss) before income taxes 12,860
Provision for income taxes -
      Net Income (Loss) 12,860
 

($000) Year ended December 31, 2015

Net loss 12,860
Adjustments to reconcile net loss to net cash provided by -used in operating activities:
     Depreciation and amortization 11,261
     Deferred income taxes (68)
     Stock-based compensation expense, net of tax benefit 11,011
     Impairment of investment in auction rate securities 0
     Impairment of property and equipment 434
Other changes in operating assets and liabilities:
     Accounts receivable (10,256)
     Inventories (4,698)
     Prepaid expenses and other current assets 9,543
     Other assets 3,954
     Accounts payable 9,568
     Accrued liabilities (13,254)
     Long-term liabilities 3,654
     Income taxes payable 155
     Other (8,185)
         Net cash provided by -used in operating activities 25,979
Investing activities:
     Purchases of property and equipment (11,434)
     Capitalization of product costs (14,863)
     Net Sales (Purchases) of investments -
     Other -
         Net cash -used in provided by investing activities (26,297)
Financing activities:
 Proceeds from stock option exercises and employee stock purchase plans 624
 Net cash paid for payroll taxes on restricted stock unit releases (840)
 Proceeds from release of restricted cash -
 Purchases of treasury stock -
 Borrowings on asset-backed line of credit 30,000
 Repayment of asset-backed line of credit (30,000)
         Net cash -used in provided by financing activities (216)
Effect of exchange rate changes on cash (4,804)
Net change in cash and cash equivalents for the period (5,338)
Cash and cash equivalents at beginning of period 93,460
Cash and cash equivalents at end of period 88,122
 2014 2013 2012

93,460 67,314 48,422

123,036 141,816 257,747
66,255 73,020 133,072
20,427 23,339 21,319
3,405 1,156 10,715
306,583 306,645 471,275
10,925 80,784 59,800
213 148 16,588
19,616 27,794 23,817
14,401 14,933 11,696
19,549 11,000 15,878
9,116 9,137 6,775
380,403 450,441 605,829

2014 2013 2012

46,868 46,720 74,329

57,591 50,001 44,225
93 724 1,781
104,552 97,445 120,335
20,292 17,214 17,337
2,146 1,820 1,834
126,990 116,479 139,506

4 4 3

3 3 3
(185) (185) (148)
353,857 343,310 342,595
4,036 3,122 (8,930)
(104,302) (12,292) 132,800
253,413 333,962 466,323
380,403 450,441 605,829

2014 2013
442,271 502,255
255,125 355,221
187,146 147,034
145,528 131,928
59,371 54,475
64,013 75,441
9,464 9,853
278,376 271,697
(91,230) (124,663)

7,037 7,186
(111) (97)
(663) (907)
6,263 6,182
(84,967) (118,481)
3,723 26,611
(88,690) (145,092)

2014 2013
(88,690) (145,092)

19,610 17,926
(2,314) 25,999
9,511 7,303
2,477 0
2,014 0

5,253 116,603
6,765 96,052
(2,252) (2,578)
4,985 (2,361)
148 (27,609)
18,834 5,104
2,768 (136)
(631) (499)
6,090 (311)
(15,432) 90,401

(17,382) (11,351)
(9,243) (8,967)
67,895 (56,823)
(275) (311)
40,995 (77,452)

2,836 4,059
 (921) -
- 150
- (37)
- -
- -
1,915 4,172
(1,332) 1,771
26,146 18,892
67,314 48,422
93,460 67,314
($000) December 31, 2015 2014
     Accounts receivable, net of allowance of 2,272, 3,997, 4,428, and 8,004 131,518 123,036

2015 2014
Accounts receivable, net 131,518 123,036
Plus allowance for uncollectibles 2,272 3,997
Gross accounts receivable 133,790 127,033

Ratio of Allowance to Gross AR 1.70% 3.15%

2015 Allowance at 2014 Ratio 4,210 (2015 Gross AR * 2014 rate)

2015 Allowance 2,272
2015 benefit due to reduction in ratio 1,938 (2015 Allowance - 2015 Allowa
 2013 2012
141,816 257,747

2013 2012
141,816 257,747
4,428 8,004
146,244 265,751

3.03% 3.01%

15 Gross AR * 2014 rate)

15 Allowance - 2015 Allowance @ 2014 ratio)

($000) Year ended December 31, 2015 2014
Net sales 459,059 442,271

Product Warranty liabilities

2015 2014
Balance at January 1 12,134 12,901
Provisions 3,351 5,263
Utilizations (6,207) (6,030)
Balance at December 31 9,278 12,134

Warranty Expense / Sales 0.73% 1.19%

Utilizations (Cash) / Sales 1.35% 1.36%

2015 Expense at 2014 Ratio 5,463 (2015 Sales * 2014 rate)

2015 Expense 3,351
2015 benefit due to reduction in rate 2,112 (2015 Expense - 2015 Expense
 2013
502,255

2013
13,769
5,274
(6,142)
12,901

1.05% Decreasing
1.22% steady & increasing

015 Sales * 2014 rate)

015 Expense - 2015 Expense @ 2014 rate)

($000) December 31, 2015
     Inventories 69,676

($000) Year ended December 31, 2015

  Cost of sales 248,851

Days Inventory Ratio 99.7

 2014 2013 2012
66,255 73,020 133,072

2014 2013
255,125 355,221

99.6 105.9
($000) December 31, 2015
     Inventories 69,676

($000) Year ended December 31, 2015

  Cost of sales 248,851

Days Inventory Ratio 99.7

2015
Raw materials 7,111
Work in process 13,211
Finished goods 49,355
Total 69,676

Days Raw Materials 12.3

Days Work in Process 22.5
Days Finished Goods 64.9

Average Finished Goods at 2014 days 39,120

2015 Finished Goods at 2014 days 39,130
Actual 2015 Finished Goods 49,355
2015 Benefit due to delayed Finished Goods write-off 10,225

Logic Mikir sebeerapa benefitnya dia :

1. Cari average FG di tahun 2015 menggunakan Days 2014 39,120
2. cari saldo tahun 2015 based on average 39,130
Actual 2015 FG 49,355
- 10,225
 2014 2013 2012
66,255 73,020 133,072

2014 2013
255,125 355,221

99.6 105.9

2014 2013 2012

9,691 12,680 20,729
17,455 19,237 41,542
39,109 41,103 70,801
66,255 73,020 133,072

16.0 17.2 holding less materials

26.2 31.2 holding less materials
57.4 57.5 2015 increase : holding longer finished goods than usual.

(2014 DaysFG/365) * Cost of Sales

(AvgFG*2) - 2014 FG

2015 FG - 2015 FG @ 2014 days

harusnya writedown 10,2

 2015 2014 2013
Amortization in Cost of Sales 2,431 5,840 3,786
Amortization in SG&A 1,333 885 1,045
Total Amortization 3,764 6,725 4,831

2015 2014 2013 2012

Content costs 44,502 32,773 33,908 27,306
Website development costs 13,998 11,156 11,542 9,295
58,500 43,929 45,451 36,600
Less: accumulated amortization (25,030) (29,528) (30,518) (24,904)
Total 33,470 14,401 14,933 11,696

Years Amortization 13.6 6.6 8.5 makin lama buat ngecilin expense

days inventory 365 days x (rata2 Aser)

Cost
Asal Rumus 1 tahun x rata2 PPE
beban
ecilin expense
 2015 2014 2013
Amortization in Cost of Sales 2,486 4,307 4,286
Amortization in SG&A 3,851 7,158 7,167
Total Amortization 6,337 11,465 11,453

2015 2014 2013 2012

Tooling, cards, dies and plates 17,331 18,883 26,104 20,330
Computers and software 38,515 39,115 54,073 42,112
Equipment, furniture and fixtures 5,399 9,449 13,062 10,173
Leasehold improvements 6,179 5,335 7,375 5,744
67,424 72,782 100,614 78,358
Less: accumulated depreciation (44,033) (53,166) (72,820) (54,541)
Total 23,391 19,616 27,794 23,817

Years Amortization 11.1 7.6 7.8

 2015 2014 2013
Income (Loss) before income taxes 12,860 (84,967) (118,481)
Less benefit due to reduction in AR Allowance ratio 1,938
Less benefit due to reduction in Warranty rate 2,112
Less benefit due to delayed Inventory write-off 10,225
(1,414)
Less benefit due to increasing lives of capitalized costs 3,821
Less benefit due to increasing lives of computers 3,625
Loss before income taxes with no accounting changes (8,860)